#Electric Vehicle Supply Equipment Market Reports

[automotiveera]

Electric Vehicle Supply Equipment Market Is Predicted To Hit USD 9,426.2 million by 2030

Electric energy is supplied to recharge electric vehicles at various residential and commercial locations using electric vehicle supply equipment, or EVSEs. The market for electric vehicle supply equipment was worth around USD 3,897.5 million in 2022, and it will reach USD 9,426.2 million by 2030, as per P&S Intelligence.

The primary causes of the expansion are the expanding need for electric vehicles, the escalating government efforts to promote the development of this technology, the rising pollution levels, and the explosive uptake of charging stations.

Level 1 and level 2 chargers are further divided into AC chargers. Due to the long charging times of electric vehicles, which make these chargers appropriate for overnight charging at residences, level 1 chargers of retained a bigger market share.

Based on application, the public category is predicted to experience faster growth in the coming years—roughly 12% CAGR. This is due to the strong commitments made by automakers, governments, and manufacturers to the improvement of the infrastructure for electric vehicle use in many nations.

Moreover, electric vehicle demand has risen significantly in recent years. Global EV sales in the initial half of 2022 were higher than in the same period in 2021, at about 4.3 million units.

The main drivers promoting the sales of these vehicles are the rising environmental protection concerns and the goal to use less gasoline and diesel fuel. Worldwide, the fast installation of charging stations is being seen as a result of the large sales of electric vehicles.

Get More details Electric Vehicle Supply Equipment Market Status and Outlook

[reasoningdaily]

Children still mining cobalt for gadget batteries in Congo

A CBS News investigation of child labor in cobalt mines in the Democratic Republic of Congo has revealed that tens of thousands of children are growing up without a childhood today – two years after a damning Amnesty report about human rights abuses in the cobalt trade was published. The Amnesty report first revealed that cobalt mined by children was ending up in products from prominent tech companies including Apple, Microsoft, Tesla and Samsung. 

There's such sensitivity around cobalt mining in the DRC that a CBS News team traveling there recently was stopped every few hundred feet while moving along dirt roads and seeing children digging for cobalt. From as young as 4 years old, children can pick cobalt out of a pile, and even those too young to work spend much of the day breathing in toxic fumes.

What's life like for kids mining cobalt for our gadgets?

So, what exactly is cobalt, and what are the health risks for those who work in the DRC's cobalt mining industry?

What is cobalt?

Cobalt – a naturally occurring element –  is a critical component in lithium-ion, rechargeable batteries. In recent years, the growing global market for portable electronic devices and rechargeable batteries has fueled demand for its extraction, Amnesty said in its 2016 report. In fact, many top electronic and electric vehicle companies need cobalt to help power their products.

The element is found in other products as well.

"Cobalt-containing products include corrosion and heat-resistant alloys, hard metal (cobalt-tungsten-carbide alloy), magnets, grinding and cutting tools, pigments, paints, colored glass, surgical implants, catalysts, batteries, and cobalt-coated metal (from electroplating)," says the U.S. Centers for Disease Control and Prevention.

More than half of the world's supply of cobalt comes from the DRC, and 20 percent of that is mined by hand, according to Darton Commodities Ltd., a London-based research company that specializes in cobalt.  

Health risks of chronic exposure 

According to the CDC, "chronic exposure to cobalt-containing hard metal (dust or fume) can result in a serious lung disease called 'hard metal lung disease'" – a kind of pneumoconiosis, meaning a lung disease caused by inhaling dust particles. Inhalation of cobalt particles can cause respiratory sensitization, asthma, decreased pulmonary function and shortness of breath, the CDC says.

The health agency says skin contact is also a significant health concern "because dermal exposures to hard metal and cobalt salts can result in significant systemic uptake." 

"Sustained exposures can cause skin sensitization, which may result in eruptions of contact dermatitis," a red, itchy skin rash, the CDC says.

Despite the health risks, researchers with Amnesty International found that most cobalt miners in Congo lack basic protective equipment like face masks, work clothing and gloves. Many of the miners the organization spoke with for its 2016 report – 90 people in total who work, or worked, in the mines – complained of frequent coughing or lung problems. Cobalt mining's dangerous impact on workers and the environment

Some women complained about the physical nature of the work, with one describing hauling 110-pound sacks of cobalt ore. "We all have problems with our lungs, and pain all over our bodies," the woman said, according to Amnesty.

Moreover, miners said unsupported mining tunnels frequently give way, and that accidents are common.  

Miners know their work is dangerous, Todd C. Frankel wrote late last month in The Washington Post. 

"But what's less understood are the environmental health risks posed by the extensive mining," he reported. "Southern Congo holds not only vast deposits of cobalt and copper but also uranium. Scientists have recorded alarming radioactivity levels in some mining regions. Mining waste often pollutes rivers and drinking water. The dust from the pulverized rock is known to cause breathing problems. The mining industry's toxic fallout is only now being studied by researchers, mostly in Lubumbashi, the country's mining capital."

"These job are really desired"

Despite the dangers and risks of working as miners in the cobalt industry, at least of the some miners in the Congo "love their jobs," according to Frankel.

"When I talked to the miners there, none of them want to lose their jobs or give up their jobs. They love their jobs," Frankel said Tuesday, speaking on CBSN. "In a country like Congo, mining is one of the few decently paying jobs to be had there, and so they want to hold onto these jobs."

They also want fair treatment, decent pay, and some safety, "and they would love for their kids to not work in the mines," he said.

"It's a poverty problem," Frankel said. "These parents I talked to – they don't want their kids working in these mines. The problem is that their school fees – schools cost money, and you know, food costs money, and they sort of need their kids to work in there."

Poverty also drives children into the mines instead of school – an estimated 40,000 of them work in brutal conditions starting at very young ages.

The thousands of miners who work in tunnels searching for cobalt in the country "do it because they live in one of the poorest countries in the world, and cobalt is valuable," Frankel wrote in the Washington Post article.

"Not doing enough" 

CBS News spoke with some of the companies that use cobalt in their lithium-ion batteries. All of the companies acknowledged problems with the supply chain, but said they require suppliers to follow responsible sourcing guidelines. Apple, an industry leader in the fight for responsible sourcing, said walking away from the DRC "would do nothing to improve conditions for the people or the environment."

Read company responses here

Amnesty said in November, however, that "major electronics and electric vehicle companies are still not doing enough to stop human rights abuses entering their cobalt supply chains." 

"As demand for rechargeable batteries grows, companies have a responsibility to prove that they are not profiting from the misery of miners working in terrible conditions in the DRC," the organization said. "The energy solutions of the future must not be built on human rights abuses."

An estimated two-thirds of children in the region of the DRC that CBS News visited recently are not in school. They're working in mines instead. 

CBS News' Debora Patta spoke with an 11-year-old boy, Ziki Swaze, who has no idea how to read or write but is an expert in washing cobalt. Every evening, he returns home with a dollar or two to provide for his family.

"I have to go and work there," he told Patta, "because my grandma has a bad leg and she can't."

He said he dreams of going to school, but has always had to work instead.

"I feel very bad because I can see my friends going to school, and I am struggling," he said.

Amnesty says "it is widely recognized internationally that the involvement of children in mining constitutes one of the worst forms of child labour, which governments are required to prohibit and eliminate."

[strangemusictriumph]

Induction Motor Market - Forecast(2022 - 2027)

Induction Motor Market Size is forecast to reach $54.2 billion by 2026, at a CAGR of 6.5% during 2021-2026. An induction motor is an AC electric motor in which torque is produced by the reaction between a varying magnetic field generated in the stator and the current induced in the coils of the rotor. It is used in a majority of machinery, as it is more powerful and eco-friendly compared to the conventional motors in the market. North America has significant share in global induction motor market due to a developed usage of an induction motor in the significant industrial manufacturing, aerospace & defense, and automotive companies. In addition to the growing preference for electric vehicles in the U.S. is also stimulating the growth in North America.

Report Coverage

The report: “Induction Motor Market Report– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Induction Motor market

By Rotor Type: Inner Rotor, Outer Rotor

By Type: Single Phase, Three Phase

By Efficiency Class: IE1, IE2, IE3, IE4

By Voltage: Upto 1KV, 1-6.6 KV, Above 6.6KV

By Vertical: Industrial, Commercial, Residential, Agriculture, Automotive and Others

By Geography: North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe(Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle East and Africa)

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Key Takeaways

The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the Induction Motor market in APAC.

The inner rotor segment is growing at a significant CAGR rate of 7.1% in the forecast period. In inner rotor type motors, rotors are positioned at the centre and surrounded by stator winding. 

Automotive sector is expected to witness a highest CAGR of 8.9% the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favourable government policies in countries such as India, China and so on. 

Induction Motor companies are strengthening their position through mergers & acquisitions and continuously investing in research and development (R&D) activities to come up with solutions to cater to the changing requirements of customers. 

Induction Motor Market Segment Analysis - By Rotor Type

Three Phase segment is growing at a significant CAGR of 11.1%

 in the forecast period. A three phase induction motor is a type of AC induction motors which operates on three phase supply. These three phase induction motors are widely used AC motor to produce mechanical power in industrial applications. Almost 70% of the machinery in industrial applications uses three-phase induction motors, as they are cost-effective, robust, maintenance-free, and can operate in any environmental condition. Moreover, induction motors are the most used in industry since they are rugged, inexpensive, and are maintenance free. In addition they are widely used in the mining metals and cement, automotive, oil and gas, healthcare, manufacturing industries and so on. Increase awareness of environmental protection across industries also contributes to the growth of three phase induction motors, as they have a low emission rate. Moreover, the shift towards industrial automation, coupled with the rising consumer confidence & promising investment plans triggers demand for the three phase induction motor in industrial application. Furthermore, the advent of Industry 4.0 and technological advancements enables a wide adoption base for the three phase induction motors. In 2019, Oriental Motor USA introduced their latest high efficiency three-phase AC induction motors equipped with a terminal box and a high strength right-angle hypoid gearhead, these new three-phase motors have the capacity of two new wattages of 30W and 40W and expands the KIIS Series Standard AC motors product line-up. 

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Induction Motor Market Segment Analysis - By Vertical 

Automotive sector is expected to witness a highest CAGR of 8.9% in the forecast period, owing to various factors such as increase in sales of electric vehicles due to rising concerns over greenhouse gases emissions, and favorable government policies in countries such as India, China and so on. In addition, the shift towards industrial automation, coupled with the rising consumer confidence & promising investment plans triggers demand for the induction motor in industrial application. Furthermore, the advent of Industry 4.0 enables a wide adoption base for the induction motors. Moreover, growing number of product launches by major manufacturers will drive the market growth in the forecast period. In September 2019, Motor and drive manufacturer WEG released the M Mining series of slip-ring induction motors which are designed especially for use in the dusty environments of iron ore operations and the cement sector. In July 2019, Ward Leonard launched 2000 HP induction motor WL29BC200 which is designed tote into a package of 15000 HP for the oil and gas industry. In September 2019, Tata Motors launched Tigor EV for private buyers as well as cab aggregators and EESL staff. he Tata Tigor electric uses a 72 V, 3-Phase Induction motor

Induction Motor Market Segment Analysis - By Geography 

Induction Motor market in Asia-Pacific region held significant market share of 38.5% in 2020. Increasing compliance for energy efficient motors and rising adoption of motor-driven electric vehicles are the key factors driving market growth.  The rising demand for efficient energy usage over concerns of environmental impact of energy generation from conventional sources such as coal and natural gas, is expected to help grow the Induction Motor market. In addition advancements in the agriculture sector and enormous investments in industrialization in countries such as China, India, South Korea, and Australia is driving the market growth. Further, the increasing production and sales of electric vehicles in countries including China and Japan is also analyzed to drive the market growth. 

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Induction Motor Market Drivers 

Robust Structure of Motor

The rough physical structure of the motor is predicted to be a major driving factor for the growth of the induction motor market. Induction motor are robust in nature and can be operated in any climatic conditions. Moreover, the absence of slip rings and brushes in the motor induction eliminates the chances of sparks, which makes the operation safe even in the most explosive working conditions. In addition, induction motor is cost effective, highly reliable and the maintenance is very less, which is expected to propel the growth of the induction motor market in the forecast period 2021-2026.

Rise in Production of Electric Vehicles

The electric car market has witnessed rapid evolution with the ongoing developments in automotive sector and favourable government policies and support in terms of subsidies and grants, tax rebates. As induction motors especially three phase are widely used in electric vehicles because of high efficiency, good speed regulation and absence of commutators is analysed to drive the market growth. In addition these motor also serves as an alternative of a permanent magnet in the electric vehicles. Hence rise in production of electric vehicles is analysed to drive the market. In 2019, Ford has invested $1.45 billion in Detroit plants in U.S., to make electric, autonomous and sports utility vehicles, which is mainly aimed to increase the production of the vehicles thereby impacting on the high procurement of the induction motors.  In 2019, Toyota announced plans to invest $749M in expanding the U.S. manufacturing facilities to increase the production of the electric and hybrid vehicles. In 2020, General Motors had committed boost its electric vehicle production by investing more than $7 billion. Moreover governments of several countries have been investing heavily for the development of electric vehicles. In 2019 German government has committed to invest more than $3 billion to expand electric car market growth in the region. Hence these investments and developments are analysed to be the key drivers for the growth of the electric vehicle market and thereby the growth of induction motor market during the forecast period 2021-2026.

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Induction Motor Market Challenges

Easy availability of low-quality Induction Motors

The market for Induction Motors is highly fragmented, with a significant number of domestic and international manufacturers. Product quality is a primary parameter for differentiation in this market. The organized sector in the market mainly targets industrial buyers and maintains excellent product quality, while the unorganized sector offers low-cost alternatives to tap local markets. Local manufacturers of Induction Motors in most countries target the unorganized sector and compete strongly with the global suppliers in the respective markets. Leading market players are currently exposed to intense competition from such unorganized players supplying inexpensive and low-quality Induction Motors. This acts as a key challenge for the growth of the market.

Induction Motor Market Landscape

Product launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Induction Motor market. Induction Motor top 10 companies include ABB Ltd. AMETEK, Inc., Johnson Electric Holdings Limited, Siemens AG, Rockwell Automation, Toshiba Corp., Hitachi Ltd., Nidec Corporation, ARC Systems Inc., among others.

Acquisitions/Product Launches

In 2021 BorgWarner launched HVH 320 Induction Motors in four variants. They are offered to light-duty passenger cars and heavy-duty commercial vehicles.

In 2020, ABB has launched new range of low voltage IEC induction motors, which are compactly designed and reduces the overall size of the equipment by minimizing space and total cost of ownership.

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[energyandpowertrends]

Lithium-Ion Batteries Market Forecast to Experience Explosive Growth by 2031 Due to Increasing Demand for Clean Energy and Electrification

The Lithium-Ion Batteries (Li-Ion) Market size was valued at USD 57.90 billion in 2023 and is expected to grow to USD 250.03 billion by 2032 and grow at a CAGR of 17.65% over the forecast period of 2024–2032.

The global push toward decarbonization and the adoption of sustainable energy solutions are key factors driving the rapid expansion of the lithium-ion battery market. As more industries, including automotive, electronics, energy, and industrial sectors, transition toward clean energy and electrification, lithium-ion battery technology is expected to play a critical role in enabling this transformation.

Market Overview

Lithium-ion batteries are rechargeable energy storage devices that have become indispensable in today’s tech-driven world. These batteries offer numerous advantages over traditional lead-acid or nickel-based batteries, including higher energy density, faster charging, and longer cycle life. The market is expanding due to increasing investments in battery production, technological advancements, and the scaling up of manufacturing capacities to meet growing global demand.

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As governments implement stricter environmental regulations and promote the adoption of electric mobility and renewable energy storage, lithium-ion batteries are emerging as a key enabler of the global energy transition. The market is set to experience rapid growth in various applications, from electric vehicles and energy storage systems to consumer electronics and industrial equipment.

Key Market Drivers

Rising Demand for Electric Vehicles (EVs): The global automotive industry is undergoing a massive shift toward electrification. Governments across the world are offering incentives for electric vehicles, which is driving the demand for lithium-ion batteries as the primary power source for EVs. Major automakers are investing heavily in electric vehicle development, further fueling the demand for lithium-ion batteries.

Growth in Renewable Energy Integration: As countries transition to renewable energy sources like solar and wind, the need for efficient energy storage solutions has grown. Lithium-ion batteries are being widely adopted in energy storage systems (ESS) to store excess energy generated from renewable sources, enabling grid stability and ensuring a reliable energy supply.

Increased Use in Consumer Electronics: Lithium-ion batteries are the power source of choice for smartphones, laptops, tablets, and other portable electronic devices. As consumer demand for these devices grows, the market for lithium-ion batteries in this sector continues to expand.

Technological Advancements: Ongoing research and development efforts are enhancing the performance of lithium-ion batteries, making them more efficient, safer, and cost-effective. Improvements in battery chemistry, thermal management, and energy density are driving the adoption of lithium-ion batteries across diverse applications.

Industrial Applications and Grid Storage: Lithium-ion batteries are increasingly used in industrial machinery, electric forklifts, and uninterruptible power supply (UPS) systems. The growth of grid-scale energy storage, driven by the need for energy balancing and backup power, is further boosting the market.

Market Segmentation

The Lithium-Ion Batteries Market is segmented based on battery type, end-use, component, and region, providing a comprehensive view of the opportunities across different sectors.

Buy a Complete Report of Lithium-Ion Batteries Market 2024–2032@ https://www.snsinsider.com/checkout/2721

By Battery Type

Lithium Nickel Manganese Cobalt Oxide (NMC): Known for its high energy density, NMC batteries are widely used in electric vehicles and energy storage systems.

Lithium Iron Phosphate (LFP): Offering high safety and thermal stability, LFP batteries are commonly used in stationary energy storage and commercial applications.

Lithium Cobalt Oxide (LCO): LCO batteries are prevalent in consumer electronics, such as smartphones, laptops, and tablets, due to their compact size and high energy density.

Lithium Titanate (LTO): LTO batteries are known for their fast charging capabilities and long cycle life, making them suitable for industrial and grid storage applications.

Others: Includes advanced battery chemistries that are being developed for niche markets and emerging applications.

By End-Use

Automotive: The automotive sector is the largest end-user of lithium-ion batteries, with electric vehicles (EVs) being the primary growth driver. Increasing investments in EV production and infrastructure are fueling demand for high-performance batteries.

Consumer Electronics: Lithium-ion batteries are essential in powering the growing array of consumer electronic devices, including wearables, smartphones, and laptops.

Energy Storage Systems (ESS): As renewable energy generation increases, lithium-ion batteries are being used to store excess energy in grid-scale and residential energy storage systems.

Industrial: Lithium-ion batteries are used in various industrial applications, including automated guided vehicles (AGVs), electric forklifts, and backup power systems for critical infrastructure.

Others: The market also includes applications in defense, healthcare, and telecommunications, where lithium-ion batteries are used for reliable, high-performance energy storage.

Regional Analysis

North America: North America is experiencing substantial growth in the lithium-ion battery market due to increasing investments in EV production and renewable energy projects. The United States is a key market, with significant demand for EV batteries and energy storage systems.

Europe: Europe is a major player in the transition to clean energy, with strong government support for electric vehicles and renewable energy adoption. The European Union’s commitment to becoming carbon-neutral by 2050 is driving significant investment in lithium-ion battery production and infrastructure.

Asia-Pacific: The Asia-Pacific region, particularly China, Japan, and South Korea, dominates the lithium-ion battery market due to the presence of major battery manufacturers and the rapid adoption of electric vehicles. These countries are also leading in the development of next-generation battery technologies.

Middle East & Africa: The Middle East is emerging as a market for energy storage systems, driven by the region’s focus on renewable energy. Africa is also exploring lithium-ion batteries as part of its clean energy initiatives.

Latin America: Latin America is witnessing growing demand for lithium-ion batteries in the automotive and energy storage sectors, particularly in countries like Brazil and Chile, which are investing in renewable energy projects and electric mobility.

Current Market Trends

Battery Recycling Initiatives: As the use of lithium-ion batteries increases, battery recycling is becoming a critical focus area. Companies are investing in recycling technologies to recover valuable materials like lithium, cobalt, and nickel, reducing the environmental impact and ensuring a sustainable supply chain.

Solid-State Batteries: Solid-state lithium-ion batteries, which offer higher energy densities, improved safety, and faster charging times, are a key area of research and development. These next-generation batteries could revolutionize the market by providing superior performance for EVs and energy storage.

Investment in Gigafactories: The expansion of gigafactories is a major trend in the lithium-ion battery market. These large-scale battery manufacturing facilities are being built to meet the growing demand for EVs and energy storage systems, particularly in Europe and North America.

Green Energy Transition: The global focus on reducing carbon emissions is driving the demand for lithium-ion batteries in renewable energy storage systems. The integration of solar and wind energy with energy storage is becoming a standard practice to ensure grid stability and reduce reliance on fossil fuels.

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[latestmarketresearchnews]

All-terrain Vehicle Industry Size & Share | Statistics Report 2030

The global all-terrain vehicle market was valued at USD 4.54 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. The main factors driving this growth include the increasing popularity of outdoor sports like off-road events, the growing number of adventure and trail parks, and the rising demand for ATVs in both agricultural and military applications. Additionally, the increase in disposable income and purchasing power among individuals in both developed and developing economies is expected to further boost the demand for all-terrain vehicles throughout the forecast period.

However, the ATV market experienced negative growth in the first half of 2020 due to the outbreak of COVID-19. Global lockdowns and restrictions led to the temporary closure of several manufacturing and assembly units. Despite this, the rising global demand for recreational activities is likely to support the market's recovery and future growth. An ATV, also known as a light utility vehicle, is an off-road motorized vehicle equipped with four wheels, low-pressure or non-pneumatic tires, and a handlebar for steering. ATVs are classified into two types: type I, designed for a single rider with no passengers, and type II, which includes seating for both a rider and a passenger. Type II ATVs feature a designated seating position behind the rider.

ATVs are recognized for their exceptional maneuverability in off-road and rough terrain environments. Their design ensures better protection in harsh conditions compared to conventional vehicles, making them ideal for use in sectors like forestry, sports, military, agriculture, and defense. Over recent years, ATVs have gained popularity for their effectiveness in remote areas, providing a convenient method for transporting supplies and equipment. While they are typically used in off-road settings, some regions have begun allowing them on public roads.

Gather more insights about the market drivers, restrains and growth of the All-terrain Vehicle Market

Application Segmentation Insights:

In 2022, the recreational segment accounted for the largest share of market revenue, holding 65.0%. This can be attributed to the rising demand for ATVs for recreational purposes, driven by the increasing popularity of hiking and camping activities. Government initiatives promoting ATV usage, including grants for individuals engaged in rough terrain and off-road activities, are also expected to boost market growth during the forecast period.

The military and defense segment is anticipated to experience the fastest growth, with a CAGR of 6.2% over the forecast period. ATVs provide essential maneuverability and mobility for strategic military missions. Original Equipment Manufacturers (OEMs) that have tactical contracts with military organizations are developing ATVs for military applications, including off-road transport, utility, electric ATVs, and combat vehicles. For instance, Polaris offers a range of ATV models, such as the Sportsman MV850, DAGOR A1, and Mrzr D4, specifically designed for military use.

Order a free sample PDF of the All-terrain Vehicle Market Intelligence Study, published by Grand View Research.

[researchreportinsight]

All-terrain Vehicle Industry Size, Trends, and Business Outlook Report 2030

The global all-terrain vehicle market was valued at USD 4.54 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 3.8% from 2023 to 2030. The main factors driving this growth include the increasing popularity of outdoor sports like off-road events, the growing number of adventure and trail parks, and the rising demand for ATVs in both agricultural and military applications. Additionally, the increase in disposable income and purchasing power among individuals in both developed and developing economies is expected to further boost the demand for all-terrain vehicles throughout the forecast period.

However, the ATV market experienced negative growth in the first half of 2020 due to the outbreak of COVID-19. Global lockdowns and restrictions led to the temporary closure of several manufacturing and assembly units. Despite this, the rising global demand for recreational activities is likely to support the market's recovery and future growth. An ATV, also known as a light utility vehicle, is an off-road motorized vehicle equipped with four wheels, low-pressure or non-pneumatic tires, and a handlebar for steering. ATVs are classified into two types: type I, designed for a single rider with no passengers, and type II, which includes seating for both a rider and a passenger. Type II ATVs feature a designated seating position behind the rider.

ATVs are recognized for their exceptional maneuverability in off-road and rough terrain environments. Their design ensures better protection in harsh conditions compared to conventional vehicles, making them ideal for use in sectors like forestry, sports, military, agriculture, and defense. Over recent years, ATVs have gained popularity for their effectiveness in remote areas, providing a convenient method for transporting supplies and equipment. While they are typically used in off-road settings, some regions have begun allowing them on public roads.

Gather more insights about the market drivers, restrains and growth of the All-terrain Vehicle Market

Application Segmentation Insights:

In 2022, the recreational segment accounted for the largest share of market revenue, holding 65.0%. This can be attributed to the rising demand for ATVs for recreational purposes, driven by the increasing popularity of hiking and camping activities. Government initiatives promoting ATV usage, including grants for individuals engaged in rough terrain and off-road activities, are also expected to boost market growth during the forecast period.

The military and defense segment is anticipated to experience the fastest growth, with a CAGR of 6.2% over the forecast period. ATVs provide essential maneuverability and mobility for strategic military missions. Original Equipment Manufacturers (OEMs) that have tactical contracts with military organizations are developing ATVs for military applications, including off-road transport, utility, electric ATVs, and combat vehicles. For instance, Polaris offers a range of ATV models, such as the Sportsman MV850, DAGOR A1, and Mrzr D4, specifically designed for military use.

Order a free sample PDF of the All-terrain Vehicle Market Intelligence Study, published by Grand View Research.

[industrynewsupdates]

All-Terrain Vehicle Market Size, Share, Growth and Industry Trends, 2030

The global all-terrain vehicle market size is expected to reach USD 6.01 billion by 2030, registering a CAGR of 3.8% from 2023 to 2030, as per a new report by Grand View Research, Inc. The development of off-road terrains, trails, and recreational parks is projected to boost the demand for All-terrain Vehicles (ATVs) by 2030. Moreover, governments’ initiatives to enhance tourism and recreational activities have supported the sales of ATVs. For instance, the Travel Management & Off-Highway Vehicle (OHV) Program announced by the U.S. Forest Service aims to increase the awareness and popularity of trails in North America.

Factors such as the growing popularity of off-road racing events and increased advertising have fueled the demand for ATVs across the globe. For instance, in January 2019, the Desert Series Pro ATV tournament involved ATV enthusiasts and many off-road vehicles which contributed to the adoption of ATVs. Additionally, growth in investments from sponsors is anticipated to boost the growth of the market by 2030.

Over the past few years, economic growth in developing economies, such as India and China, has resulted in higher disposable incomes and purchasing power of individuals, creating more spending capacity. This, in turn, supports the travel and tourism industry. As per the data published by the World Travel and Tourism Council (WTTC), the global tourism sector grew by 3.9% in 2018. The development of the tourism sector has led to a significant increase in recreational activities, thereby driving the demand for ATVs.

Gather more insights about the market drivers, restrains and growth of the All-Terrain Vehicle Market

Detailed Segmentation:

Application Insights

The recreational segment held the largest revenue share of 65.0% in 2022. The high demand for ATVs for recreational purposes can be attributed to the increasing number of hiking and camping activities. Furthermore, government initiatives to promote ATVs, such as making grants available to individuals engaged in rough terrain and off-road activities, are expected to propel the growth of the market over the forecast period.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 48.5% in 2022. The adoption of ATVs witnessed a considerable increase in the U.S. and Canada owing to various factors, such as the higher disposable income of residents, the developed economy, government regulations regarding ATVs, and upcoming electric vehicle projects. The region has numerous off-road terrain trails and parks such as Northwest Off-Highway Vehicle Park, Rocky Ridge Ranch, and River Valley Motocross as these off-road terrain trails and parks attract many tourists, thereby driving the growth of the market.

Engine Type Insights

The 400 - 800cc segment accounted for the largest revenue share of 48.2% in 2022. The growth can be attributed to the growing popularity of these vehicles for utility activities. For instance, ATVs are built with a considerable amount of storage space and are often used for hauling supplies and equipment. Government organizations are adopting these vehicles for search and rescue operations and monitoring wild and forest areas. Prominent players in the market are launching 400cc-800cc ATVs to cater to a broader range of users and discover new application areas.

Browse through Grand View Research's Automotive & Transportation Industry Research Reports.

• The global aerospace engineering services outsourcing market size was valued at USD 116.95 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 24.9% from 2024 to 2030. 

• The global automotive chips market was valued at USD 41.47 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 11.2% from 2024 to 2030.

Key Companies & Market Share Insights

The market is highly competitive, and the players are undertaking strategies such as product launches, acquisitions, and collaborations to increase their global reach. For instance, in May 2023, Polaris Inc. unveiled the 2024 XPEDITION XP and ADV models, marking the introduction of a pioneering category referred to as ‘Adventure side-by-sides’. These cutting-edge vehicles combine the off-road capabilities of conventional side-by-sides with the convenience and ample storage capacity commonly found in premium overlanding experiences. With the 2024 XPEDITION XP and ADV models, Polaris Inc. aimed to redefine the adventure vehicle market by offering a unique blend of rugged performance and enhanced comfort for off-road enthusiasts.

Key All-terrain Vehicle Companies:

• Polaris Inc.

• American Honda Motor Co., Inc.

• BRP

• Yamaha Motor Corporation, USA.

• ArcticInsider.com

• CFMOTO

• Kawasaki Motors Corp., U.S.A.

• KYMCO

• LINHAI POWERSPORTS USA CORPORATION

• Suzuki Motor of America, Inc.

All-terrain Vehicle Market Segmentation

Grand View Research has segmented the global all-terrain vehicle market report based on engine type, application, and region

All-terrain Vehicle (ATV) Engine Type Outlook (Revenue, USD Million, 2018 - 2030)

• Below 400cc

• 400 - 800cc

• Above 800cc

All-terrain Vehicle (ATV) Application Outlook (Revenue, USD Million, 2018 - 2030)

• Agriculture

• Sports

• Recreational

• Military and Defense

All-terrain Vehicle (ATV) Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

o U.S.

o Canada

• Europe

o UK

o Germany

o France

• Asia Pacific

o China

o Japan

o India

o Australia

o South Korea

• Latin America

o Brazil

o Mexico

• Middle East and Africa

o Saudi Arabia

o South Africa

o UAE

Order a free sample PDF of the All-Terrain Vehicle Market Intelligence Study, published by Grand View Research.

Recent Developments

• In March 2023, Polaris Inc. unveiled the RZR Pro R Factory, a specialized UT (Utility Terrain) vehicle specifically designed for competitive racing. This purpose-built vehicle has undergone meticulous engineering to deliver exceptional performance in demanding conditions encountered in open desert racing. With the introduction of the RZR Pro R Factory, Polaris Inc. aimed to provide racers with a high-performance vehicle that is optimized for the challenges and rigors of intense off-road racing competitions.

• In January 2022, John Deere introduced two additions to their utility vehicle lineup: the XUV835R Gator Utility Vehicle and the XUV865R Gator Utility Vehicle. With these new models, John Deere aimed to provide customers an enhanced capabilities and a premium experience, ensuring that their utility vehicle needs are met with the utmost satisfaction.

• In September 2021, Yamaha introduced the Grizzly 90, a specially designed sports model intended for young individuals aged ten and above. This youth-focused vehicle boasts a low-maintenance 90cc engine that incorporates air-cooling and wet-sump lubrication for optimal performance.

• In June 2021, Kawasaki unveiled the BRUTE FORCE 750 4x4i, an off-road vehicle designed for thrilling outdoor adventures. Powered by a fuel-injected 749cc V-twin engine, this vehicle delivers outstanding performance on challenging terrains. It comes equipped with various features such as a front differential lock, selectable drive modes, and continuous variable transmission (CT), all contributing to improved traction and overall performance.

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Mexico Tire Market Report: Opportunities and Challenges (2023-2032)

It is anticipated that between 2023 and 2030, the Mexico tire market will expand at a compound annual growth rate (CAGR) of 8.50%. From USD 1121.5 million in 2022, the market is projected to be worth USD 2153.9 million by 2030.

The Mexico tire market has shown significant growth over the past few years, driven by an increase in vehicle production and sales, a growing middle class, and a rising demand for replacement tires. The market is segmented into OEM (original equipment manufacturer) and replacement tires, with the replacement sector dominating due to the country’s aging vehicle fleet. Demand is primarily concentrated in passenger car tires, followed by light commercial vehicles and heavy trucks. Major international brands, such as Bridgestone, Michelin, and Goodyear, have a strong presence in Mexico, though local manufacturers also play a role. With increasing investment in infrastructure and transportation, the market is expected to continue expanding. Additionally, trends toward environmentally friendly and fuel-efficient tires are influencing consumer preferences, as tire manufacturers respond with more sustainable products. Economic fluctuations and import regulations remain challenges, but the Mexico tire market is positioned for steady growth in the coming years.

Here are the main challenges faced by the Mexico tire market:

Economic Fluctuations: Economic instability and fluctuations in the Mexican peso can impact consumer purchasing power and lead to decreased demand for tires.

High Dependence on Imports: The market relies heavily on imported tires, making it vulnerable to trade policies, tariffs, and changes in international relations.

Environmental Regulations: Increasingly strict environmental standards push manufacturers to invest in sustainable and eco-friendly production methods, which can be costly.

Counterfeit and Low-Quality Tires: The presence of counterfeit and substandard tires poses safety risks and disrupts the market for genuine, high-quality brands.

Intense Competition: The market is highly competitive, with major international brands and local players vying for market share, leading to pricing pressures.

Supply Chain Disruptions: Global supply chain challenges, including delays and increased transportation costs, can hinder the timely availability of products.

Rising Raw Material Costs: Fluctuations in the cost of rubber and other raw materials can lead to increased production costs and reduced profit margins for manufacturers.

Evolving Consumer Preferences: A shift towards eco-friendly and fuel-efficient tires requires manufacturers to adapt their offerings, often requiring significant research and development investment.

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Key Players

Bridgestone Americas Inc.

Continental AG

Cooper Tire & Rubber Co.

JK Tire & Industries Ltd.

Pirelli

Goodyear Mexico

Michelin

Hankook Tire de Mexico

TBC Corporation

BKT Tires and other prominent players.

The future outlook for the Mexico tire market is positive, with steady growth expected in the coming years. Rising urbanization, infrastructure development, and an increase in vehicle ownership are likely to drive demand for both OEM and replacement tires. As environmental awareness grows, demand for eco-friendly and fuel-efficient tires is anticipated to increase, encouraging manufacturers to innovate and adopt more sustainable practices. Additionally, the electric vehicle (EV) market in Mexico is projected to expand, which will create new opportunities for tire manufacturers to develop specialized products suited to EV needs.

International and local tire manufacturers are expected to invest more in local production facilities to mitigate the effects of import tariffs and supply chain challenges. The government's focus on improving road infrastructure will further support market growth, as more commercial and passenger vehicles on the road translate to a higher demand for replacement tires. Although challenges such as fluctuating raw material costs and competition from counterfeit products persist, the market's long-term outlook remains strong. With a growing emphasis on quality and sustainability, the Mexico tire market is likely to experience steady expansion, driven by evolving consumer preferences and increased investment in the automotive sector.

Segmentation

By Type:

Passenger Car Tires

Light Truck Tires

Commercial Truck Tires

Off-Road and All-Terrain Tires

Motorcycle Tires

By Product:

Summer Tires

Winter Tires

All-Season Tires

Run-Flat Tires

Performance Tires

Eco-Friendly Tires

Specialty Tires

Retreaded Tires

By Application:

Private Vehicle Use

Commercial and Industrial Use

Agricultural Use

Aviation Use

By Price Range:

Budget Tires

Mid-Range Tires

Premium Tires

By Distribution Channel:

Tire Dealers

Online Retailers

Automotive Service Centers

Independent Tire Shops

Original Equipment Manufacturers (OEM)

By End User:

Individual Consumers

Fleet and Commercial Operators

Agricultural and Farming Sector

Aviation Industry

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The Grid Casting Machine Market is projected to grow from USD 2,815 million in 2024 to USD 4,287.49 million by 2032, reflecting a compound annual growth rate (CAGR) of 5.40%.The grid casting machine market is an integral part of the industrial machinery sector, primarily serving the **battery manufacturing industry**. These machines are essential for the production of lead-acid batteries, a staple in industries such as automotive, renewable energy, and telecommunications. The market for grid casting machines is expected to witness significant growth due to increasing demand for energy storage systems, advancements in battery technologies, and the rising need for sustainable and efficient power solutions.A grid casting machine is a specialized industrial machine used in the production of lead grids, a crucial component in lead-acid batteries. These machines automate the process of casting lead into grids, ensuring precision, consistency, and efficiency. The grids serve as the framework on which the active materials of a battery are applied, providing the necessary electrical conductivity for efficient battery performance.

Browse the full report at https://www.credenceresearch.com/report/grid-casting-machine-market

Market Drivers

1. Increasing Demand for Lead-Acid Batteries Despite the rising popularity of lithium-ion batteries, lead-acid batteries continue to hold a significant share of the energy storage market. Lead-acid batteries are known for their affordability, reliability, and recyclability, making them the preferred choice for various applications, including automotive starter batteries, uninterruptible power supplies (UPS), and backup power systems.

The growth of the automotive sector, especially in emerging economies, is driving the demand for grid casting machines. Moreover, the expanding use of renewable energy sources like solar and wind power is boosting the need for efficient energy storage systems, further supporting the lead-acid battery market and, by extension, the grid casting machine market.

2. Technological Advancements Recent technological advancements in grid casting machines have significantly improved production efficiency and quality. New machines are equipped with automated control systems, better casting molds, and enhanced cooling mechanisms. These innovations have reduced lead wastage, minimized energy consumption, and increased production rates, making grid casting machines more cost-effective for manufacturers.

3. Sustainability and Recycling Initiatives Lead-acid batteries are among the most recycled products in the world, with recycling rates exceeding 95% in many regions. This high level of recyclability has driven the demand for grid casting machines, as manufacturers seek to capitalize on the circular economy model. The recycling of lead-acid batteries requires high-quality grids, and advanced grid casting machines help meet this demand by producing consistent and durable grids.

Challenges Facing the Grid Casting Machine Market

1. Shift Towards Lithium-Ion Batteries While lead-acid batteries remain dominant in certain sectors, the increasing adoption of **lithium-ion batteries** poses a challenge to the grid casting machine market. Lithium-ion batteries are gaining popularity in electric vehicles (EVs) and portable electronics due to their higher energy density, longer lifespan, and faster charging times. As the EV industry grows, there is a potential shift away from lead-acid batteries, which could slow the demand for grid casting machines in some regions.

2. Stringent Environmental Regulations The production of lead-acid batteries, including grid casting, involves the use of toxic materials such as lead. Many countries have implemented strict environmental regulations to minimize the environmental impact of lead production and ensure worker safety. Compliance with these regulations can increase the cost of operating grid casting machines, particularly for small and medium-sized manufacturers.

Future Outlook

The grid casting machine market is expected to witness steady growth in the coming years, driven by the continued demand for lead-acid batteries and advancements in machine technology. While the rise of alternative battery technologies poses a challenge, the recyclability of lead-acid batteries and their widespread use in key industries will sustain demand for grid casting machines.

Key Player Analysis

SoVema Group

MAC Engineering

Daramic, LLC

AXFA Corporation

Kunshan Lead Power Equipment Co., Ltd.

WIRTZ Manufacturing Company

Borit NV

EK Battemakina

Magnus Metal

HADI Manufacturing Company

Segments:

Based on Type:

Continuous Grid Casting Machines

Semi-Continuous Grid Casting Machines

Batch Grid Casting Machines

Based on End-use Industries:

Automotive

Renewable Energy

Aerospace

Electronics

Others

Based on the Geography:

North America

U.S.

Canada

Mexico

Europe

Germany

France

U.K.

Italy

Spain

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

South-east Asia

Rest of Asia Pacific

Latin America

Brazil

Argentina

Rest of Latin America

Middle East & Africa

GCC Countries

South Africa

Rest of the Middle East and Africa

Browse the full report at https://www.credenceresearch.com/report/grid-casting-machine-market

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Contact:

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Construction Lubricants Market - Forecast(2024 - 2030)

Construction Lubricants Market Overview

The Construction Lubricants Market size is estimated to reach US$12.5 billion by 2030, after growing at a CAGR of 3.8% over the forecast period 2024–2030. Construction lubricants are used to reduce friction between moving parts or surfaces and to improve the efficiency of construction machines and it includes hydraulic fluid, automatic transmission fluid, compressor oil, grease and engine oil. Lubricants are used to reduce friction in construction equipment such as bulldozers, dump trucks, draglines, scrapers and shovels and other heavy machinery.

The global expansion of the construction sector is one of the primary reasons driving the growth of the construction lubricants market. The rising need for high-quality lubricants in a variety of construction activities, as well as the growing popularity of synthetic oil-based lubricants due to advantageous qualities such as water solubility, are driving the market growth. The covid-19 pandemic majorly impacted the construction lubricants market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major construction industries the construction lubricants industry is anticipated to grow rapidly over the forecast period.

Sample Report:

Market Snapshot

Construction Lubricants Market Report Coverage

The “Construction Lubricants Market Report — Forecast (2024–2030)” by IndustryARC, covers an in-depth analysis of the following segments in the construction lubricants industry. By Base Oil — Mineral Oil, Synthetic Oil and Bio-Based Oil. By Type — Hydraulic Oil, Engine Oil, Gear Oil, Automatic Transmission Fluid, Compressor Oil, Grease and Others. By Equipment — Earthmoving Equipment, Material Handling Equipment, Electrical & Electronics, Heavy Construction Vehicles and Others. By Application — Commercial and Residential. By Geography — North America (the USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World [Middle East (Saudi Arabia, UAE, Israel and Rest of the Middle East) and Africa (South Africa, Nigeria and Rest of Africa)].

Key Takeaways

The Asia-Pacific region dominates the construction lubricants market size, owing to the region’s high economic growth rate and high investment in the construction industry.

The expanding construction activities, as well as the upgrading of heavy machinery, are the primary driving factors influencing the construction lubricants market.

However, technological developments are limiting market growth by reducing equipment size and lubricant consumption in the construction industry.

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Construction Lubricants Market Segment Analysis — by Base Oil

Synthetic Oil held a significant share in the Construction Lubricants market share in 2023 and is forecasted to grow at a CAGR of 3.3% over the forecast period 2024–2030, owing to the extensive characteristics provided by synthetic oil over other base oil types such as mineral oil and bio-based oil. Synthetic oils are base oils and additives that improve an engine’s overall performance. When compared to traditional mineral oil-based lubricants, synthetic oils offer improved performance, lower maintenance costs and address environmental concerns. As a result of the increased focus on emissions and expanding consumer awareness about the benefits of synthetic oils, there is a large demand for synthetic oils, which is contributing to the revenue growth of the global

construction lubricants market size.

Construction Lubricants Market Segment Analysis — by Application

The Commercial held a significant share in the Construction Lubricants market share in 2023 and is forecasted to grow at a CAGR of 4.1% during the forecast period 2024–2030, owing to the significant use of construction lubricants in the commercial sector. Construction lubricants lower corrosion and friction while increasing the longevity of the machine’s moveable elements. The commercial construction sector is expanding globally owing to a robust economy and solid market fundamentals for commercial real estate, as well as an increase in government initiatives for public works and institutional buildings. For Instance, Argentina has proposed a commercial building proposal of $428 million dollars. As part of the Plan Argentina Hace, the Ministry of Public Works said in January 2022 that it would invest ARS10.6 trillion ($91 billion) to complete 3,131 new infrastructure works and projects around the country. With the rise in commercial activities across the globe, the demand for construction lubricants is anticipated to rise for various applications, which is projected to boost the market growth in the commercial industry during the forecast period.

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Construction Lubricants Market Segment Analysis — by Geography

The Asia-Pacific region held the largest share in the Construction Lubricants market share in 2023. The fuelling demand and growth of construction lubricants in this region are influenced by flourishing demand from construction industries, along with fuelling construction activities across APAC. The building and construction sector is growing rapidly in Asia-Pacific owing to a major development in infrastructural projects, emphasis on affordable housing units and modular building technology. According to the Department for Promotion of Industry and Internal Trade (DPIIT), In India, Between April 2000 and September 2023, foreign direct investment (FDI) in the construction development (townships, housing, built-up infrastructure and construction development projects) and construction (infrastructure) activity sectors totalled US$26.4 billion and US$32 billion, respectively. According to the International Trade Administration, the construction sector in China is projected to grow at an average of 8.6% from the year 2022 to 2030. Furthermore, the Make in India campaign by the Government of India plans to achieve infrastructural investment worth US$965.5 million by the year 2040. With the robust growth of the building and construction industry in Asia-Pacific, the demand for construction lubricants for equipment such as hydraulic fluid, engine oil, grease and others in construction will rise. Thus, with the high growth of construction lubricants in construction applications, it is anticipated that the demand for the construction lubricants industry will flourish during the forecast period.

Construction Lubricants Market Drivers

Government Initiatives Bolstering the Growth of the Commercial Sector:

Construction Lubricants reduce corrosion and frictio n while increasing the longevity of machine moveable parts, which drives the market growth of construction lubricants in the commercial industry. The demand for Construction Lubricants is rapidly growing as government investment in the commercial industry increases. For instance, Kansai International Airport in Japan will spend about 100 billion yen (US $683 million) by 2025 to upgrade the larger terminal, to increase space for international flights at the country’s №2 hub. The Indian Union Budget of February 2023 aims to build 50 additional airports, aerodromes, helipads, and water routes to enhance connectivity. The health facility revitalization component of the national health insurance indirect grant in South Africa has been allocated R4.4 billion (US $23.3 million) over the medium term (2022–2025). These grants are aimed at accelerating the construction, maintenance, upgrading and rehabilitation of new and existing health system infrastructure. Over the medium term, the department aims to construct or revitalise 92 health facilities through the indirect grant and conduct major maintenance work or refurbishment on a further 200 facilities. The Union Budget 2023 also allocated Rs 76,431 crore (US $9.3 billion) to the Ministry of Housing and Urban Development (MoHUA) with the aim of aiding the completion of stalled housing projects. As a result of all these initiatives, the demand for construction lubricants for equipment such as hydraulic fluid, engine oil, grease and others in construction will rise. Thus, with the high growth of construction lubricants in the commercial industry, it is anticipated that the demand for the construction lubricants industry will flourish during the forecast period.

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Bolstering Growth of the Residential Industry:

Construction Lubricants have seen a huge increase in their use in residential areas. The residential industry uses a variety of equipment that require construction lubricants in order to eliminate breakdowns and reduce friction. Additionally, individuals are remodeling their homes in accordance with trends to improve their visual appeal of the same. Due to these comprehensive qualities and Urbanisation, the market for construction lubricants for the residential industry is growing. For instance, the residential construction industry in Canada displayed a notable upswing in august. Statistics Canada reported a 1.6% surge in investment to $11.9 billion, with single-family homes rising by 2.4% to $5.9 billion and multi-unit constructions climbing 0.9% to $6.0 billion. According to Japan’s Ministry of Land, Infrastructure, Transport and Tourism, the construction reported a 5% rise in housing construction within the public sector in 2023. Thus, with the high growth of construction lubricants in the residential industry, it is anticipated that the demand for the construction lubricants industry will flourish during the forecast period.

Construction Lubricants Market Challenge

Fluctuations in Crude Oil Prices

Fluctuations in crude oil prices continue to be one of the main challenges in the construction lubricants market. Construction lubricants are essentially petrochemicals derived from Brent crude oil. Rising crude oil prices cause raw material price volatility, posing substantial hurdles for manufacturers in the construction lubricants market. For instance, the Brent crude oil price increased from US$86.51/bbl in Jan 2022 to US$122.71/bbl in June 2022 and then decreased to US$74.84/bbl in June 2023. This results in a considerable increase in construction lubricant prices, which drives up manufacturing costs and reduces manufacturers’ profit margins, thereby limiting the construction lubricants market growth.

Construction Lubricants Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the construction lubricants market. The top 10 companies in the Construction Lubricants market are:

Royal Dutch Shell

ExxonMobil

BP p.l.c.

Chevron Corporation

TotalEnergies SE

Petrochina Company

LUKOIL

Indian Oil Corporation

Sinopec

Fuchs Petrolub SE

Recent Developments

In May 2023, BIGBEN’s introduction of ScaffOil represented a significant leap in construction lubricants. This eco-friendly, high-performance product tailored for scaffolding and construction offers weather resilience and superior penetrating power. Its focus on durability and operational efficiency aligns with evolving demands in this sector.

In June 2022, Volvo Construction Equipment launched Volvo Hydraulic Oil 98611 HO103, revolutionizing the construction lubricants market. This oil extends drain intervals in Volvo’s crawler excavators to 3,000 hours, enhancing equipment performance and longevity. Featuring optimized fuel efficiency, reduced oil consumption, and environmental benefits, it offers diverse viscosity options, marking a significant advancement in lubricant technology.

In March 2022, BPCL, launched four new MAK lubrication products. Each product is intended to improve customer performance, dependability and durability

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Industrial Rubber Market Growth Factor: Technological Innovations Leading the Way

The industrial rubber market is a vital component of various industries, supplying essential materials for applications ranging from automotive components to construction materials. As the market continues to evolve, several key growth factors are driving its expansion. Understanding these factors can help stakeholders capitalize on emerging opportunities and navigate challenges.

1. Technological Advancements

One of the primary growth factors in the industrial rubber market is technological innovation. Recent advancements in rubber production techniques have led to the creation of high-performance materials that can withstand extreme conditions. These innovations not only enhance the durability and functionality of rubber products but also allow manufacturers to cater to specialized industry needs, such as in aerospace and automotive applications.

2. Rising Demand from the Automotive Sector

The automotive industry is a major consumer of rubber products, significantly impacting the industrial rubber market. With the rise of electric vehicles (EVs) and advancements in vehicle design, there is an increasing demand for specialized rubber components. These include tires, seals, and vibration dampeners, all of which contribute to vehicle efficiency and performance. As global vehicle production continues to rise, so does the demand for high-quality rubber products.

3. Sustainability Initiatives

Sustainability is becoming a key driver in the industrial rubber market. With growing awareness of environmental issues, companies are increasingly focused on producing eco-friendly rubber products. This includes the use of recycled materials and the development of bio-based rubber alternatives. Sustainable practices not only align with regulatory standards but also resonate with environmentally conscious consumers, further fueling market growth.

4. Urbanization and Infrastructure Development

Rapid urbanization, particularly in emerging markets, is another significant growth factor. As cities expand and infrastructure projects increase, the demand for rubber products in construction and public transportation systems rises. Rubber is used in various applications, from road surfaces to sealing materials, making it essential for modern infrastructure development.

5. Growth in Emerging Markets

Emerging economies, especially in Asia-Pacific and Latin America, present substantial growth opportunities for the industrial rubber market. These regions are witnessing rapid industrialization and increasing disposable incomes, leading to higher demand for various rubber products. Companies that focus on these markets can leverage their growth potential and expand their market reach.

6. Increasing Focus on Research and Development

Investments in research and development are crucial for driving innovation in the industrial rubber market. Companies are focusing on developing new formulations and applications for rubber products, enhancing their performance and sustainability. This commitment to R&D helps businesses stay competitive and meet the evolving needs of various industries.

Conclusion

The industrial rubber market is poised for significant growth, driven by technological advancements, rising demand from the automotive sector, sustainability initiatives, and rapid urbanization. Understanding these growth factors allows stakeholders to make informed decisions and strategically position themselves in a competitive landscape. As the market continues to evolve, those who embrace innovation and sustainability will be well-equipped to capitalize on the opportunities ahead in the industrial rubber market.

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